3 property auctions today - Weds 14 May

MissMoneypenny

42 - not auctioned
43 - unsold
44 - withdrrawn prior
45 - unsold at 490k - BTL with multiple lets with income of £29,819
46 - unsold

PasturesNew

Is it greedy sellers at fault? Are they auctioning them?

Or is it banks setting the reserve on repossessions to try to clear the debt? Might see them again next month taking whatever they can get.

Pennywise

Just started watching the Ipswich one instead - I missed lots 1 and 2, but 3,4 and 5 didn't sell. Lot 4 got no bids at all. Lot 3 was guide 125-135 and only reached 100. Lot 5 guide 90-100 only reached 70. Lot 6 had a guide of 80-90 but sold for 72 - finally a seller who realises what is happening and has the sense to get out before it gets worse!

silvercar

Those earlier few I spotted were all sold at more than the the 2007 prices!

Barnet gate lane was a greedy seller, most on that road get knocked down and rebuilt - but not at 700k+

silvercar

This is hysterical, lot 56 is a roof space in a council tower block with PP for a maisonette! The roofspace is currently a disused watertank but has PP to convert to a 1 bed flat. 17th & 18th floor!

Went for £58,000.

Pennywise

Ipswich lot 11 unsold at £135 with a guide price of £200plus. I've missed a couple of lots, but I don't think any have been sold at Ipswich so far today.

Ipswich lot 12 unsold at £88 with a guide price of £105-110.

At this rate, the auctioneers will have made a loss for the auction - they'll have paid thousands for the printing and advertising, room hire, etc., and may well yet earn absolutely nothing from it. Ouch!

I've actually got a vision of the Ipswich auction - the auctioneer and his staff facing basically an empty room, with just a couple of oddballs sticking their hands up occasionally, knowing full well they'll not win anything, but there just for the refreshments!

I think Ipswich have packed up and gone home - the website has been showing lot 12 for quite a while now. Perhaps they're not bothering with the last few, or perhaps the sellers have withdrawn them to avoid embarrassment.

MissMoneypenny

PasturesNew wrote: »

Is it greedy sellers at fault? Are they auctioning them?

Or is it banks setting the reserve on repossessions to try to clear the debt? Might see them again next month taking whatever they can get.

It seems to be owners/BTLers trying to offload and not getting what they hoped for. Some were putting the rental income to try to get other BTLers to buy from them.

One of the houses that did do well was lot 24. An 8 room house with garden in London and I believe it was sold by the council.

I kept a note of what happened to lots 21 - 49, but then had to do some work:o

Edited to say, that Lot 24 was in Hampstead NW6 and was sold by the London Borough of Camden

If you click http://www.eigroup.co.uk/onlineauctions/login.asp?AuctionID=10648&c=mch
then click "order of sale" and then click on the lot number, it will tell you what it sold for/if it is unsold and what the highest bid was.

Mac_Sami

PasturesNew wrote: »

Is it greedy sellers at fault? Are they auctioning them?

Or is it banks setting the reserve on repossessions to try to clear the debt? Might see them again next month taking whatever they can get.

The penny drops (not with you personally)! And there are members of this forum thinking that with this house price crash thing going on that everyone would be able to pick up a bargain. Shame the sellers aren't willing to sell at low prices.

Of course, desperate times mean desperate measures - so yes, we might see reserve prices dropping and bargains still to be had!

Jorgan_2

Pennywise wrote: »

Ipswich lot 11 unsold at £135 with a guide price of £200plus. I've missed a couple of lots, but I don't think any have been sold at Ipswich so far today.

Ipswich lot 12 unsold at £88 with a guide price of £105-110.

At this rate, the auctioneers will have made a loss for the auction - they'll have paid thousands for the printing and advertising, room hire, etc., and may well yet earn absolutely nothing from it. Ouch!

I've actually got a vision of the Ipswich auction - the auctioneer and his staff facing basically an empty room, with just a couple of oddballs sticking their hands up occasionally, knowing full well they'll not win anything, but there just for the refreshments!

I think Ipswich have packed up and gone home - the website has been showing lot 12 for quite a while now. Perhaps they're not bothering with the last few, or perhaps the sellers have withdrawn them to avoid embarrassment.

Doubt if the auctioneer has lost any money, people usually have to pay to enter a property into the auction, as well as people paying to go on the mailing list for the catalogues.

If the final few lots are all similar and the first one failed to achieve any interest they probably have just passed them by.

silvercar

Last lot (63?) on the big auction, flat in Hendon went for 155k. 5 flats in the same block sold for 180-220 during 2007. This flat had a short lease, 63 yrs. It would cost about 20k to extend the lease, so comparable value would be 175k - small drop on 2007 prices.